Octopus Energy's generation arm has entered into a strategic investment partnership with Ocergy, an innovative company focused on revolutionizing the construction of floating offshore wind farms worldwide.
According to Octopus, Ocergy's pioneering approach to designing and manufacturing floating foundations holds the promise of significantly reducing both the time and cost associated with their construction.
Headquartered in the US with operations extending to France, Ocergy is spearheading a hyper-local supply chain strategy, collaborating with regional manufacturers to foster the creation of green jobs in the regions where the wind turbines are installed.
Octopus further elaborated on Ocergy's advancements, highlighting their lighter and modular designs, which facilitate easy transportation and assembly of turbine foundations at their designated locations.
Already engaged with over a dozen major developers across multiple gigawatts of projects, Ocergy aims to install its first foundations by 2025/26.
Octopus' investment is intended to expedite the commercialization of Ocergy's technology and support the company's swift expansion into new markets. Additionally, it will enable Ocergy to enhance its environmental data and biodiversity monitoring system.
This investment is made through Vector, Octopus Energy's offshore wind fund launched in late 2023, marking a significant step forward in the company's efforts to accelerate the global deployment of offshore wind energy, thereby reducing reliance on fossil fuels and enhancing energy security.
Floating foundations are particularly crucial for areas with deep coastlines where conventional seabed-fixed foundations are not feasible. Approximately 80% of global offshore wind resources are situated in deep waters, underscoring the immense potential of this technology.
Governments worldwide have set ambitious targets for floating offshore wind, with the UK alone aiming for 5GW of capacity by 2030.
Zoisa North-Bond, CEO of Octopus Energy Generation, expressed enthusiasm for the partnership, stating, “Tech and innovation are fueling the energy revolution globally, so we're always on the hunt for game-changing solutions that accelerate progress. Ocergy's groundbreaking approach has the power to slash the costs of floating offshore wind – and with our investment they will get there faster, paving the way for cleaner, greener energy systems across the globe.”
Dominique Roddier, CEO of Ocergy, echoed North-Bond's sentiment, emphasizing the potential of the collaboration to drive the scaling up of operations and the delivery of both pre-commercial and large-scale floating offshore wind projects. Roddier highlighted the synergies between Octopus' forward-thinking efforts and Ocergy's achievements, foreseeing a significant enhancement in the bankability of their projects as a result.
